
Hesai CEO on Earnings, European OEM Partnership
Hesai Technology CEO David Li confirmed that the company has entered into a partnership with a major European firm, but did not go into specifics. US-listed shares of Hesai, which manufactures Lidar sensors for driver assistance systems, earlier surged on a report that Mercedes-Benz will develop smart cars using its technology. Li also spoke to "Bloomberg: The China Show" about the company's latest results and the impact of a US Pentagon blacklisting. (Source: Bloomberg)
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UPI
26 minutes ago
- UPI
EU targets Russia with sanctions, lower oil price cap
EU Commission President Ursula von der Leyen (R) and High Representative of the European Union for Foreign Affairs and Security Policy Kaja Kallas briefed the press Monday on the 18th package of sanctions against Russia, in Brussels, Belgium. Photo by Olivier Matthys/EPA-EFE June 10 (UPI) -- The European Commission on Tuesday unveiled its latest in a series of sanctions against Russia targeting energy exports, infrastructure and finances. "Oil exports still represent one-third of Russia's government revenues," European Commission President Ursula von der Leyen said at a news conference in Brussels, Belgium. "We need to cut this source of revenues," she added. The measures aimed to put pressure on Moscow to end Russia's war in Ukraine include a proposal to lower the current $60 oil price cap to $45 per barrel and bans use of the Nord Stream pipelines between Germany and Russia. At least nine individuals and 33 companies will be slapped with asset freezes. And the EU will consider adding another 77 boats part of Russia's "shadow fleet" banned in European ports of entry, part of at least 300 other barred Russian vessels. In addition, at least 22 Russian banks will be cut off from the SWIFT international banking system and the Russian Direct Investment Fund. Von der Leyen called the sanctions "robust" and "hard-biting" and added that Russia's economy has already been bowing to past pressure. "Russia continues to bring death and destruction to Ukraine," she said Monday at the press conference with Kaja Kallas, the EU's top diplomat. "Our message is clear: This war must end." Kallas called Russia's military invasion of Ukraine "outright illegal." She said it was "clear that Russia does not want peace," adding it is "cruel, aggressive and a danger to us all." It arrived ahead of this weekend's G7 summit in Alberta, Canada where the new oil price caps will be discussed. "With this package, we step up pressure on Russia," stated von der Leyen. "Our objective is very clear: We are reiterating the call for a full, unconditional ceasefire of at least 30 days," she said.
Yahoo
42 minutes ago
- Yahoo
Asian shares make modest gains as investors eye US-China talks
Asian shares were marginally higher on Tuesday as investors kept an eye on US-China trade talks that might help stave off a recession. Tokyo's Nikkei 225 gained 0.9% to 38,445.68, while the Kospi in South Korea jumped 0.3% to 2,865.12. Hong Kong's Hang Seng edged 0.3% higher, to 24,261.26 and the Shanghai Composite index was up 0.1% at 3,403.52. In Taiwan, the Taiex surged 2.1% to 22.253,46. Australia's S&P/ASX 200 advanced just less than 0.9% to 8.588,10. On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 is within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76. The Nasdaq composite added 0.3% to 19,591.24. A second day of talks between the US and China was planned after the two global powers met in London for negotiations. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since US President Donald Trump escalated his trade war have been paused to allow trade in everything from tiny tech gadgets to enormous machinery. Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 win back gains after it dropped roughly 20% from its record two months ago. The index is back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on so-called 'Liberation Day'. Related Chip designer Alphawave sees stock soar on Qualcomm takeover agreement China accuses US of violating trade truce and vows firm retaliation Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4bn (€2.1bn). IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08bn (€947.1mn). On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products. Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk's relationship with Trump broke apart, and it rose 4.6% on Monday after flipping between gains and losses earlier in the day. The frayed relationship could end up damaging Musk's other companies that get contracts from the US government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX's expense, rose 2.5%. In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers' expectations for coming inflation eased slightly in May. Economists expect a report due on Wednesday to show that inflation across the country accelerated last month to 2.5% from 2.3%. The Federal Reserve has been keeping its main interest rate steady as it waits to assess the inflationary effects of Trump's tariffs. A persistent increase in inflation expectations among US households could drive behaviour that creates a vicious cycle that only worsens inflation. In other dealings early on Tuesday, US benchmark crude oil picked up 31 cents to $65.45 per barrel. Brent crude, the international standard, also gained 31 cents, to $67.35. The dollar rose to 144.93 Japanese yen from 144.61 yen. The euro slipped to $1.1399 from $1.1421.


Motor 1
44 minutes ago
- Motor 1
Car Shipments to the US Have Fallen Off a Cliff. Guess Why
Sea-based car shipments to the United States fell off a cliff in May, down over 70 percent versus the same time last year, according to Automotive News . Citing trade database Descartes Datamyne, the report claims there were nearly 10,000 fewer vehicles imported via ocean ports. The report shows a 72.3 percent drop in imports throughout the month of May compared to the same period last year. Descartes Datamyne says importers shipped roughly 9,380 fewer "20-foot equivalent units" to the US. One 20-foot equivalent unit is equal to about one vehicle, depending on size. The data also recorded a 14.8 percent drop in imports for auto parts and accessories. "It's almost impossible to reach any other conclusion than this is the impact of vehicle tariffs manifesting itself in import volumes," Jackson Wood, director of industry strategy for global trade intelligence at Descartes Systems Group, told Autonews . "My read on this is that importers are pausing, hoping that more favorable tariff conditions will emerge in the medium term." The data above doesn't take land-based shipments from Canada or Mexico into account—only sea-based imports from places like Asia and Europe. Still, it paints a worrisome picture for inventory levels in the US. Before tariffs went into effect in April, automakers loaded up on dealership inventory, hoping to avoid raising prices for buyers. Now, predictably, companies are waiting to see if anything changes before they start shipping cars again. But they can only wait so long. According to Kelly Blue Book , automakers nationwide had an average of 66 days worth of inventory—that is, the number of days before they sell every car sitting on the lot—before running out. It won't be long before automakers will have to start shipping cars en masse again to keep up with demand. And if tariff policies don't change, that'll mean big price hikes. More on Tariffs Bentley Has You Covered On Tariffs—For Now Volvo CEO: Customers Must Pay Tariff Costs, Not Us Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )